The governor of the Northern Mariana Islands vetoes the Tinian bill to issue a dollar stablecoin

According to Cointelegraph, Arnold Palacios, the governor of the Northern Mariana Islands, has vetoed a bill that would have allowed local governments in the U.S. territory to issue stablecoins. Palacios said in an April 11 letter that the bill has multiple legal issues and could be unconstitutional.
The bill would have allowed the island of Tinian, with a population of just over 2,000, to issue a stablecoin called MUSD (Marianas US Dollar), which would be fully backed by cash held in the Tinian municipal treasury and US Treasury bonds. The bill was passed unanimously by the Tinian delegation on March 12. If passed, the Tinian government would become the first government entity in the United States to issue a stablecoin, ahead of Wyoming, which plans to launch a stablecoin in July.